Dongjin Semichem동진쎄미켐

Dongjin Semichem remains profitable on a trailing basis, but its share price has fallen sharply over the past year.

Dongjin Semichem makes semiconductor and display materials plus foaming agents, and its trailing twelve-month filings to H1 2026 show revenue of ₩1.12T, operating income of ₩186B and net income of ₩209B. Revenue fell 15.2% in 2025 from 2024, and the shares closed at ₩37,250 on 2026-10-26, down 13.2% over one year and well below the ₩72,200 52-week high. The data includes a DCF fair value range of ₩8,843 to ₩29,096 with a base case of ₩16,613, which is a model output and not a forecast.

What stands out

• Trailing operating margin is 16.5% and net margin is 18.6%, but net income is well above operating income, so non-operating or one-off items may be contributing; the data does not break this down.
• 2025 revenue fell 15.2% and net income dropped to ₩99B from ₩155B in 2024, while 2024 and 2026 trailing figures are higher.
• Valuation metrics show P/E of 9.1, P/B of 1.5 and EV/EBITDA of 8.1, with a 1.7% dividend yield.
• Borrowings of ₩651B exceed cash of ₩412B, with liabilities at 81.6% of equity; free cash flow on a trailing basis was ₩149B.
• Filings in August and September 2026 cover a buyback trust agreement signed on 2026-07-31 and its termination, and the only news item in the data is an October 2026 industry award for the chairman.

What to watch

• The next quarterly or annual filings, to see whether revenue and margins hold after the 2025 decline.
• Whether the shares keep trading below the DCF base case, and how foreign ownership (now 13.1%, down from 13.9% sixty days earlier) and investor flows change.
• Any further filings on the terminated share buyback, since the data does not explain the reason for the termination.